Is the ECB taking the right policy path?

Analysts ponder whether sharp rate increases and quantitative tightening alone will serve to bring inflation back to target

During the northern hemisphere summer, the European Central Bank (ECB) did what most people a few months earlier thought was unthinkable. First, in July, the governing council unanimously decided to abandon negative rates for the first time since 2014. Then, in September, it implemented the largest interest rate increase in the institution’s history: 75 basis points. What is more, it has telegraphed more rate rises at its coming governing council meetings. Some national central bank governors

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